A number of transactions had been concluded, but buyers are obviously slowing down in responding to the perceived heightening price risks – an indication that there might not be enough support for any strong rebound.
For the first time since May 2020, import homo-PP offers fell below the $850/ton threshold in China as the market falls under the pressure of a confluence of factors.
Thanks to the continued firming Dalian Commodity Exchange, the domestic PP and PE market in China showed signs of improvement on the first trading day of the week.
After two consecutive sessions of stabilising futures contracts on the Dalian Commodity Exchange, a couple of Chinese suppliers decided to introduce a firmer stance on export homo-PP offers.
In an interesting development, Malaysian homo-PP was concluded at below the $900/ton threshold in China, the first time such prices showed up in a couple of years.
Chinese suppliers have been struggling to deplete the bloating stocks as the demand at home and overseas fall sharply following the Labour Day holiday.
Buyers maintain buying ideas at $950/ton or lower for Chinese-origin homo-PP yarn and injection while claiming to see no support for a rebound in the near term.
A couple of regional suppliers have stepped up the effort to secure deals by cutting offers sharply, i.e. South Korean homo-PP injection dived $80/ton from the initial price list
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